The 2024 U.S. presidential election has taken a surprising turn, with former president Donald Trump surging to a 99% chance of winning on the decentralised prediction market platform Polymarket. This development has led to significant implications in the cryptocurrency industry.
Throughout his campaign, Trump has emerged as a proponent of cryptocurrencies, in contrast to his previous skepticism. His victory would likely be viewed as a bullish signal for the crypto sector, as the new administration’s policies are expected to be more favourable towards the industry’s growth and adoption.
In the hours following the surge in Trump’s odds, the crypto market has already experienced a strong rally, with Bitcoin breaking its all-time high and altcoins like Ethereum, Solana, and Dogecoin also seeing significant gains.
The Crypto Industry Prepares for a Trump Presidency
As the election results continue to unfold, the crypto industry is closely monitoring the situation, anticipating a potential shift in the regulatory landscape and increased support for the adoption of digital assets. The former president’s previous statements in support of the industry, coupled with the overwhelming market reaction, suggest that a Trump victory could pave the way for greater crypto-friendly policies and a more favourable environment for the industry to thrive.
1. Bitcoin (BTC)
Price Movement: Bitcoin surged by approximately 8-10%, reaching a peak of around $75,345 before settling at approximately $73,500 shortly after the election results were announced.
The bullish reaction was driven by the incoming administration’s pledge to make the U.S. the “crypto capital of the planet” and its plans to establish a strategic bitcoin reserve, which investors believe could further propel the adoption and mainstream acceptance of the leading cryptocurrency.
2. Dogecoin (DOGE)
Price Movement: Dogecoin, the meme-inspired cryptocurrency, saw a dramatic surge of nearly 30% following the recent election results. The digital asset reached around $0.25 shortly after the announcement of the victory, reflecting the market’s enthusiastic response.
Investors attributed the rise in Dogecoin’s value to its association with high-profile supporters, such as Elon Musk, who has been an outspoken proponent of the cryptocurrency and has maintained a favourable stance towards the incoming administration’s policies.
3. Solana (SOL)
Price Movement: Solana, the blockchain platform known for its scalability and speed, witnessed a price increase of approximately 10-15% following the recent election results. The digital asset reached around $186 shortly after the announcement, reflecting the overall bullish sentiment in the crypto market.
Investors were optimistic about the potential implications of the new administration’s policies on the broader cryptocurrency ecosystem, which contributed to the surge in Solana’s valuation.
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4. Ethereum (ETH)
Price Movement: Ethereum, the second-largest cryptocurrency by market capitalisation, experienced a price rise of around 8% following the recent election results. The digital asset’s value reached approximately $2,824.70 shortly after the confirmation of the new administration’s victory, reflecting the broader trend of increased interest in cryptocurrencies.
While Ethereum’s price movement was not directly connected to the incoming administration’s policies or stance on cryptocurrencies, the overall optimism and bullish sentiment in the crypto market contributed to the surge in Ethereum’s valuation.
5. Shiba Inu (SHIB)
Price Movement: Shiba Inu, the meme-inspired cryptocurrency, surged around 10-15% to $0.00001888 after the election results, reflecting broader crypto market enthusiasm. While not directly tied to policy, Shiba Inu’s connections to vocal supporters like Elon Musk, who backed the former president, likely contributed to the increased investor interest.
The overall bullish sentiment towards the crypto industry under the new administration is the main reason Shiba Inu’s valuation surged.
Written By Fazal Ul Vahab C H
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